CMA Seemant Gupta- Cost and Management Accountant

E-Ledgers under GST Law Types of E-Ledger under GST 1. Electronic Cash Ledger u/s 49(1) of CGST Act, 2017 Every deposit made towards tax, interest, penalty, fee or any other amount by a person by internet banking or by using credit or debit cards or National Electronic Fund Transfer or Real Time Gross Settlement or by such other mode and subject to such conditions and restrictions as may be prescribed, shall be credited to the electronic cash ledger of such person to be maintained in such manner as may be prescribed. In other words Electronic Cash Ledger provides a summary of all your GST payments (GST Challan) It reflects the cash available to pay off your GST tax liability.  2. Electronic Credit Ledger u/s 49(2) of CGST Act, 2017  Input tax credit (ITC) as self-assessed in the return of a registered person shall be credited to his electronic credit ledger, in accordance with section 41, to be maintained in such manner as may be prescribe...

New Direct Tax code (DTC) and Income Slab What is the new Direct Tax Code about? The Union Government is in the process of restructuring the Direct Tax Laws in the country by introducing a new direct tax code that will replace the Income Tax Act of 1961. The existing direct tax law, which deals with personal income tax, corporate tax and other levies such as the capital gains tax, has undergone numerous changes over the years. The new direct tax code will try to bring more assesses into the tax net, make the system more equitable for different classes of taxpayers, make businesses more competitive by lowering the corporate tax rate and phase out the remaining tax exemptions that lead to litigation. It will also redefine key concepts such as income and scope of taxation. What is difference between DTC and Income Tax-1961 slabs ? Currently, there is a 4% cess on total tax and full tax rebate for incomes up to Rs 5 lakh a year. The new DTC has reportedly recommended s...

Eligibility for ITC under GST law after amendment. What is new amendment under rule 36(4) in GST ITC eligiblity ? Input tax credit to be availed by a registered person in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers under sub-section (1) of section 37 i.e. GSTR1, shall not exceed 20 per cent . of the eligible credit available in respect of invoices or debit notes the details of which have been uploaded by the suppliers under sub-section (1) of section 37 i.e. GSTR1 What is the conditions to claim GST-ITC under section 16 of CGST act 2017 ? 1. Possession of a tax invoice or debit note or document evidencing payment 2. Receipt of goods and/or services 3. Goods delivered by supplier to other person on the direction of a registered person against a        document of transfer of title of goods 4. Furnishing of a return 5. Where goods are received in lots or installments ITC will be allowed to be availe...

E-assessment scheme-2019 What is Income tax assessment ? Income tax assessment is the process of collecting and reviewing the information filed by an Assessee in their income tax return. What is Income Tax E-assessment or Faceless assessment ? It aims to facilitate faceless assessment of income tax returns through completely electronic communication under which taxpayers will receive notices on their registered e-mails as well as on registered accounts on the web portal www.incometaxindiaefiling.gov.in with real-time alert by way of SMS on their registered mobile number, specifying the issues for which their cases have been selected for scrutiny. The assessment shall be made as per the following procedure. National e-assessment Centre shall serve a notice on the assessee under sub-section (2) of section 143, specifying the issues for selection of his case for assessment. Assessee may reply in 15 days of receipt of notice. National e-assessment Centre shall assi...

The GSTN has issued an advisory for the taxpayers for online processing of refund applications and single authority disbursement has been implemented. The taxpayers are advised to take note of the following changes: Electronic/ Online Processing of Form RFD-01: The taxpayers were filling refund application in form RFD-01A online. The RFD-01A form has been disabled on the portal. The taxpayer shall be able to file his refund application in form RFD-01 now. However, the taxpayer shall be able to view the status of RFD-01A applications also along with the new ones. The bank account details mentioned in the refund application shall be validated by the Public Financial Management System (PFMS) after filing of Form RFD-01. The taxpayers must ensure that the bank account details selected in the refund application are valid and correct. The taxpayer will need to change/ edit the bank account details (through the non-core amendment in registration in Forn REG-14) if there is a failure of ...

Some Important FAQs on UDIN Q.1 What is Unique Document Identification Number (UDIN)? What is the objective of UDIN? Ans. Unique Document Identification Number (UDIN) is an 18-Digits system generated unique number for to be entered on every document certified/attested by Practicing Cost Accountants/CMAs. The concept of UDIN (Unique Document Identification Number) is implemented to enable user Authorities and Stakeholders to ensure that the certification and/or attestation of the Costing Data / documents / certificates is being done by an eligible Practicing Cost Accountant/CMA only. UDIN secures the certificates attested / certified by practicing CMAs (in full time practice only). UDIN Web Portal enables the third parties (Authorities / Regulators / Banks / Others) to check the authenticity of the documents. Q.2 What is the configuration of 18-Digits of UDIN? Ans. The configuration of 18-digit UDIN is as under. 18-Digit UDIN – YY-MMMMM-ZZ-NANANANAN. YY – Last two digits of...